Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Yoon calls for synergy between Korea's manufacturing capabilities, US tech
President Yoon Suk Yeol applauds during a Korea-U.S. Cluster Roundtable at a hotel in Boston, Friday (local time). Yonhap
By Nam Hyun-woo
President meets MIT experts on digital, bio convergence
By Nam Hyun-woo
BOSTON ― President Yoon Suk Yeol called for synergy between Korea's capabilities in manufacturing and the U.S.' prowess in science and technology, saying their combination would be a win-win for the two economies.
Yoon made the remarks Friday (local time) during the Korea-U.S. Cluster Roundtable in Boston, the second stop on his six-day state visit to the U.S.
He held the event in Boston due to the region's successful creation of top companies and jobs through cooperation with global tech and bio companies, top financial institutions, consulting firms, law firms, research institutes, hospitals and others.
“Boston is now home to the best innovative cluster on Earth,” Yoon said referring to Kendall Square in the Greater Boston area. The square is oftentimes crowned the most innovative square mile in the world by media because of its high concentration of startups and the quality of innovation that has emerged in the vicinity.
“I am confident that if the advanced industry innovation clusters in Boston and Korea collaborate closely and combine the scientific and technological capabilities of the United States and Korea, it will create significant synergies for both countries' economies,” Yoon said.
Yoon called on experts to share their experiences collaborating and creating value in various fields, such as industry-academia R&D, investment, law and management in the Boston Cluster, and expressed hope that the event would provide an opportunity to discuss ways to accelerate innovation in the advanced clusters of both countries.
At the roundtable, experts including Massachusetts General Hospital President David Brown, LabCentral and Biolabs Founder & CEO Johannes Fruehauf, Boston Dynamics CEO Robert Playter, Moderna CEO Stephane Bancel and Johnson & Johnson Executive Vice President William Hait explored ideas on what clusters can do for the progress of advanced industries and how government policy can help clusters succeed.
Yoon also toured an investment fair on the sidelines of the roundtable and praised the participating venture startups. Yoon's office said it expects the event to generate investments worth more than $15 million.
In the wake of the event, four memoranda of understanding (MOUs) on clusters were signed between Korean and U.S. entities, while nine other bio-related MOUs were also inked.
Of them, the Korea Technology and information Promotion Agency for SMEs and LabCentral signed an MOU on sharing successful experience in nurturing industrial clusters. LabCentral is a nonprofit organization based in Cambridge, providing shared laboratory space designed as a launch pad for high-potential life sciences and biotech startups.
Kakao Healthcare signed an MOU with Google for biotechnology cooperation utilizing artificial intelligence, while GMS Healthcare signed an MOU worth up to $20 million with Westcarb Enterprises to supply laboratory freezers for the U.S. government procurement market.
President Yoon Suk Yeol speaks during a meeting with experts at the Massachusetts Institute of Technology School of Engineering in Cambridge, Mass., Friday (local time). Yonhap
Before holding the roundtable, Yoon met Massachusetts Institute of Technology (MIT) School of Engineering dean Anantha Chandrakasan, Moderna co-founder Robert Langer who is also a professor at MIT, as well as MIT Biological Engineering professor James Collins and other experts at the school to share ideas on convergence of digital technology and bioengineering.
The government plans to announce a “Digital Bio Initiative” in May based on the major topics discussed at this event. It will include bio R&D by applying artificial intelligence, medical data and other digital technologies, as well as developing and utilizing advanced analysis equipment for bio research and supporting startups based on digital biotechnologies.